Core Viewpoint - Shanghai Zhuoran Engineering Technology Co., Ltd. has significantly increased its revenue from EPC (Engineering, Procurement, Construction) services, with a reported income of 1.027 billion yuan in 2024, representing a year-on-year growth of 700.95% and accounting for 37.02% of its main business revenue [1][2]. Group 1: EPC Service Business Model - The company has actively expanded its EPC service business to enhance revenue and strategically transform its operations, moving from being a core supplier of large refining equipment to a comprehensive solution provider [2][3]. - The EPC model involves comprehensive project management, including design, procurement, construction, and post-service, ensuring quality, safety, and timely completion [3][4]. - The company has established a full lifecycle service system, integrating consulting, design, intelligent manufacturing, engineering implementation, and smart operation [2][3]. Group 2: Revenue Recognition and Accounting Standards - The company adopts the gross method for revenue recognition in EPC projects, as it acts as the primary responsible party in transactions with clients [6][8]. - Revenue is recognized based on the progress of completion, calculated as the ratio of costs incurred to the estimated total costs [10][11]. - The company has confirmed revenue from various projects, including a 55,000-ton carbon four deep processing and hydrogen comprehensive utilization project, with total contract amounts and timelines detailed [14][15]. Group 3: Project Execution and Risks - The company has successfully executed the Guangxi Hongkun project, which involves the production of 600,000 tons of bio-jet fuel, with significant strategic value and sustainable development potential [20][21]. - The project has received government approval and is aligned with national green development strategies, indicating strong policy support [21][22]. - The company has implemented a comprehensive risk management system to ensure project progress and financial security, including dynamic matching of funding plans with engineering progress [22].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 168 million yuan in Q1 2025, representing a year-on-year increase of 227.91% but a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, indicating a reduction in losses [5][11] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from engineering general contracting services in 2025-2026 [11] - The company is focusing on high-end, green, and intelligent development in response to national policies aimed at promoting the chemical industry [11] - The petrochemical equipment market is expected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] - The projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 168 million yuan, a year-on-year increase of 227.91% and a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, showing a reduction in losses [5][11] Order Book and Revenue Recognition - The company has 5.868 billion yuan in orders on hand, with engineering general contracting services expected to contribute significantly to revenue recognition in 2025-2026 [11] Industry Outlook - The petrochemical equipment market is projected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] Strategic Focus - The company is actively pursuing high-end, green, and intelligent development in alignment with national policies aimed at enhancing the chemical industry [11] Profit Forecast - Projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11]

当下，传统大宗石化产品面临产能超出需求、市场购买力疲软，但高端化工品仍需大量进口的行业环 境，这在一定程度上掣肘了战略性新兴产业的成长步伐。石化行业正处于能源转型的关键过渡阶段，低 碳能源在整体能源结构中的占比不断攀升。在此形势下，身为石化专用设备领域的核心参与者，卓然股 份尤为注重研发创新、数智化升级与绿色可持续发展，力求以创新之力开启能源领域的崭新时代。 据卓然股份此前披露的2024年年度报告，截至2024年12月31日，公司累计获得知识产权290项，其中发 明专利52项，实用新型专利202项，国际专利18项，授权软件著作权18件。其中2024年新增获得授权发 明专利18项。今年以来，公司持续深耕技术创新，报告期内公司新增授权专利6项，其中包括1项发明专 利。 4月28日晚间，上海卓然工程技术股份有限公司(公司代码688121，以下简称"卓然股份"或"公司")发布 2025年首份成绩单。财务数据显示，今年一季度卓然股份实现营收1.68亿元，同比增长227.91%，创下 近三年单季度营收增速新高，公司归母净利润亏损收窄至832.72万元，经营质量呈现持续改善态势。 据行业分析师解读，卓然股份作为国内石化装备 ...